Indonesia seeks to expand Islamic banking and has sought Qatar’s help in developing Shariah-compliant banking in the South East Asian country.
Indonesian ambassador Muhammad Basri Sidehabi accompanied by a high-level delegation from the Indonesian Banks Development Institute recently visited QIIB headquarters where they held talks with the bank CEO Abdulbasit Ahmed al-Shaibei and other senior executives.
Al-Shaibei presented an overview of Islamic banking and its vital role within the global banking system and the significant growth it had been witnessing over the years.
“Islamic banking has gained clients’ trust and credibility over the years because of its ability to meet their banking needs with minimum risks and the strong foundation on moral and ethical values based on Islamic Shariah,” al-Shaibei said.
On QIIB’s experience in Qatar and beyond the CEO said, “The bank has a very rich experience in financing various projects and meeting the requirements of various key sectors in Qatar. QIIB has many partnerships - regionally and internationally - the latest of which was the launching of a partnership in the Kingdom of Morocco that aims at opening a joint venture bank that operates based on the principles of Islamic Shariah. Morocco is one the newest countries that has issued legislation to allow Islamic banks to enter its market”.
Founded some 25 years ago, QIIB has a pioneer role in promoting Shariah-based banking in Qatar.
Al-Shaibei expressed his delight at the visit of the Indonesian ambassador and the delegation members and their desire to have a closer look at Qatar’s Islamic banking, which has been growing steadily over the years.
He said, “Indonesia is the largest Muslim country and the visit of this high-level delegation to our bank is very important. We are confident the Indonesian delegation, comprising senior bankers, will have a lot to tell us about their experiences in their country. We will also be too happy to share our experiences and insights about banking developments, both at the local and global levels.”
The Indonesian ambassador expressed his appreciation and thanks to QIIB and praised its renowned banking experience in Qatar and abroad. Sidehabi said the delegation’s visit to QIIB was aimed at benefiting from Qatar’s Islamic banking experience and further expanding the areas of cooperation between the financial and business sectors of the two friendly countries.
He spoke about the great efforts being made by the authorities concerned in Indonesia to strengthen Islamic banking and deploy it in various cities and regions of the country, where there was a huge demand for Shariah-based banking services. The legislative and financial entities in Indonesia are making efforts to facilitate promotion of Islamic banking in the country, year after year. Sidehabi added, “The visit of the Indonesian Banks Development Institute’s delegation to QIIB today is part of the efforts made towards the development of Islamic banking by strengthening cooperation and creating a suitable platform for the exchange of ideas, sharing knowledge and expertise in the field. Qatar has a distinct experience in banking, Shariah-based banking in particular, and Indonesian banks can significantly benefit from it.”
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